Question: Parents have a son under the age of 24 who is a full-time student and a dependent of his parents. The son’s only income in 2019 was $3,000 from a part-time summer job. The parents have heard about the stimulus checks and want to maximize their benefit. They have not yet filed their 2019 tax return and are hoping to file quickly so the IRS will use the 2019 return to determine the amount of their stimulus checks.
The parents want to forego claiming their son so that he can claim himself. They believe that if they file this way, instead of them receiving a $500 stimulus check for the dependent son, that he can claim himself and receive a $1,200 stimulus check. Can they do this to achieve a higher stimulus amount for the son?
Answer: No, this sounds like a solid strategy, but it is in direct conflict with the IRC. If the parents do not claim the son, this does not change the fact that the son is still a dependent under §151. Dependents under §151 may not claim themselves and, therefore, are not eligible for the $1,200 advanced stimulus tax credit. Thus, whether the parent’s claim the son or not, the son cannot claim himself as an independent taxpayer.
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Information included in this article is accurate as of the publish date. This post is not reflective of tax law changes or IRS guidance that may have occurred after the date of publishing. All taxpayer circumstances are different, and NATP recommends contacting research services if you have specific questions about your clients’ tax situations.